In order to provide greater flexibility to SIDBI in its operations, it has been decided to roll over the facility at the end of the 90th day for another period of 90 days.
This is a significant development as microlenders felt the earlier repayment rules were stringent considering the present operating environment.
In order to increase credit to farmers, MSMEs and housing sector, RBI announced a special refinance facility totalling Rs 50,000 crore for NABARD, SIDBI and the National Housing Bank, Sitharaman said.
SIDBI further said it has enhanced the loan limit for MSMEs to Rs 2 crore under its SAFE initiative.
The Sidbi Assistance to Facilitate Emergency (SAFE) response against coronavirus scheme will offer loans to MSEs at a fixed interest rate of 5 percent and with a maximum loan repayment tenure of five years.
The total outstanding credit of the commercial sector was Rs 65 lakh crore in the year ended September 2019, up 8.1 per cent, a multi-year low growth, as against 16.2 per cent in the year to December 2018, the quarterly report said.
The quarterly survey conducted with rating agency Crisil and released September 3, however, finds that small businesses, which are the largest job creators, are sanguine on employment.
For the full year, its profit after tax jumped 36.5 per cent to Rs 1,952.21 crore from Rs 1,429.21 crore in FY18 due to increased portfolio and reducing cost to income ratio.
SIDBI can file a case as soon as on Wednesday to seek repayments of all its deposits in IL&FS
The Department of Industrial Policy and Promotion (DIPP) is the monitoring agency, while Small Industries Development Bank of India (SIDBI) is the operating agency for the FFS.
The bank has tied up with Common Service Centre (CSC) to meet this objective, Sidbi Chairman and Managing Director Mohammad Mustafa told PTI.
A memorandum of understanding (MoU) was signed with The New India Assurance Co and two MSMEs were issued insurance policies, SIDBI said in a statement today.
The index will indicate the current state and expected outlook on the MSME sector every quarter
The present shareholders of Bandhan Bank, SIDBI, IFC and GIC of the Singaporean government were likely to take part in the maiden offering. Bandhan Bank, which started full-fledged banking operations in August 2016, were asked by RBI to come out with the IPO in three years from then, he told PTI.
The bank has sold 53,19,220 shares constituting 1 per cent of the paid up capital of Sidbi, IDBI Bank said in a regulatory filing.
Adityanath said that Rs 25 lakh will be given to universities and leading educational institutions to encourage students to take up self-employment through startup projects.
"The initiative would enhance access of MSMEs to capital markets including SME trading platform and institutional trading platform," Sidbi said in a statement here.
Nearly 17 local venture capital (VC) funds were sanctioned Rs 623.50 crore in the year to March, from the government’s ambitious Fund-of-Funds, set up to fund VCs that could, in turn, invest in early stage companies or start-ups.
The government would also wait for a good offer before deciding on the stake sale, sources told CNBC-TV18.
During fiscal year 2014-15 and 2015-16 sanctions were made to 11 funds (Rs 314 crores) and 16 funds (Rs 607 crores) respectively while the number during the current financial year has already crossed Rs 1,112 crores to 30 funds.
Infrastructure term lender IFCI today said its board has approved divesting the entire 45.5 percent stake in associate firm Hardicon as per its plan to exit from non-core business activities.
Infrastructure term lender IFCI Ltd has sold its entire 45.5 percent stake in associated firm Hardicon Ltd at an undisclosed price.
Government has given a one-time relaxation to banks for submission of online applications for claims under Credit Linked Capital Subsidy Scheme (CLCSS), due to their heavy workload post demonetisation.